The automotive industry looks back on the year 2023 as a year of stabilization and growth. Here is an in-depth look into the highlights of 2023 and a preview of what we can expect in 2024.
2023 Highlights:
1. Electrified Vehicles and The Inflation Reduction Act
– An increase in electric and hybrid car adoption was observed, with the United States seeing over a million BEV/HEV/PHEV sales, accounting for nearly 10% of the total market. The IRA introduced a new electrified vehicle tax credit structure that incentivized customers to buy EVs built by American manufacturers. This influence will be reflected in the 2023 sales figures and will continue to impact sales in 2024.
2. Normal Inventory and the Return of Discounts
– 2023 marked the return of consistent inventory at dealers nationwide, signaling a return to normalcy after the supply-chain disruptions caused by the pandemic. Prices have stabilized, and automakers are offering fewer and smaller increases to their MSRPs. Incentives have also returned for both gasoline vehicles and EVs.
3. Stabilization of the High-End and EV Markets
– A stable market in 2023 brought about the return of depreciation in the high-end car market, causing a rapid devaluation of used luxury cars. This is beneficial for consumers as markups on electric cars are expected to decrease.
4. GM and Tesla Join the Full-Size Electric Pickup Segment
– Chevrolet and Tesla joined the full-size electric pickup segment with the Silverado EV and Cybertruck, respectively, adding to the diverse selection in the electric pickup market.
What to Watch in 2024:
1. Trucks
– The midsize segment of trucks is expected to continue strong sales, with the market seeing new arrivals such as the Ford Maverick and the Hyundai Santa Cruz.
2. Sedans
– The market for sedans may continue to see reductions in available models, making it a challenging year for sedan enthusiasts and consumers.
3. Bronco vs. Wrangler
– The rivalry between the Ford Bronco and Jeep Wrangler is expected to intensify as the supply chain improves and new contenders enter the market.
4. Super-SUVs
– The demand for high-performance SUVs, whether electrified or powered by a V8, will be closely monitored in 2024.
5. Luxury
– Automakers are reshaping the premium car landscape with varied approaches to electrification. Customer preference will determine which brands succeed in the luxury segment.
6. Electric
– The year 2024 is expected to be significant for electrification across multiple segments, with new EV models entering the market and updates to existing models.
The Autoblog Miata Index:
The Autoblog Miata Index, despite its arbitrary nature, offers insights into the purchasing behavior of those passionate about automobiles. In 2023, 8,973 Miatas were sold, marking a 45.4% increase over 2022 and a 15.7% increase over its total volume from 2019, indicating a successful year for the market.
The text excludes the Miata Index and states that electric and hybrid vehicles have seen increased sales, without including any specific figures, to make the analysis more accurate. Additionally, the text emphasizes the importance of monitoring the automotive industry for the year 2024, as it is expected to bring about further developments and changes to the market.
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